19:33:07 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canopy Growth Corp
Symbol WEED
Shares Issued 393,351,485
Close 2021-11-05 C$ 14.60
Market Cap C$ 5,742,931,681
Recent Sedar Documents

FP/wire say Canopy Growth Q2 loss exceeds expectations

2021-11-08 09:44 ET - In the News

The Financial Post reports in its Saturday edition that Canopy Growth posted a negative gross margin for its most recent quarter, showing just how far it has to go to reach profitability. A Bloomberg dispatch to the Post reports that the hit comes as consumer preferences shift to higher-end products, including high-THC items and marijuana that comes from a single strain of plant, chief executive officer David Klein said in an interview. The evolution in tastes is due in part to customers spending more time at dispensaries as COVID-19 lockdowns relax, he said. A prior trend toward value-priced offerings has continued, but price competition in that space has become tougher, prompting Canopy to pivot to mid-priced and premium offerings. The big hit this quarter came from writing down $87-million worth of cannabis inventory after demand was less than expected in Canada. That resulted in gross margin of negative 54 per cent for its fiscal second quarter, which ended Sept. 30, the company reported Friday. It recorded a loss of $163-million in adjusted earnings before interest, taxes, depreciation and amortization. Analysts expected a loss of $50.2-million, according to estimates compiled by Bloomberg.

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